The News-Herald. [volume] (Hillsboro, Highland Co., Ohio) 1886-1973, 1887-01-13

they caa not b disposscssed. They let the
puryhaser pay their tsx for all time to come, or
he sssss, IS ssvssI srso.s 1S have @ done &c % Il this
county.
"r would suggest an amendment in regard to
tax sales, giving freeh0lders more time TO re-
deem In (sny five years In place Of six monthsl,
and after the time fixed for said redemption, oil
BY reason Of or IN ns ISs oi
then issued BY the County Auditor shall be good
and valid In law, so the purchaser can proceed
the law was 30 smendcd 1 am satisfied that nine.
tenths OF the land now forfeited to the State
would be redeemed and the tax paid thereon,
large amount OF tax to the State and county,
which will not and can not be collected under
ss the present law There are At the present time
county. Yours respectfully.
"JAs. ARMSTRONG,
II these recommendations can be framed into
laws, with efficient provisions for their enforce
ment. 1t Is believed that the unjust inequalities
taxed property to the value ofsmany millions
can be brought upon the duplicate TO the great
relief OF all classes OF taxpayers.
Under the provision OF the act OF April IL,
1895, the Commissioners Of the Sinking Fund,
with the approval Of the Governor, entered into
ne wh,c hoI.owing contract Win A0ert N
Bank, Of Cincinnati, and is being now, through
the agency OF that bank, satisfactorily and sue
WHEREAS The Commissioners Of the Sink
ing Fund Of Ohio, on the 9th day of February:
| 1885, advertised that they would receive sealed
proposals on the 10th day Of March 1886 from
| the holders Of Ohio six per cent. Canal Bonds,
outstanding and due, and redeemable December
g. 1855 for the exchange Of any portion or sll Of
for the certificates of the funded debt author
| lied by on act Of the General Assembly Of Ohio,
Of said outstanding Canal Bonds, and in lieu
thereof deliver to said holder or holders OF the
| same certificates Of the funded debt authorized
py said act oi April II, is'' by the issue OF new
ssso905; payable Jnly 1891 ss,2o,o, 100 PAYABLE
say paSass lsss sGG aS psSaolss 5Sly paysss ls
$4,000, payable @ % July i, Pssss iss; ssSS5S payable
'u And Xissrt NetteS oi
Ohio, did, on the 10th Of March, 1886, in pursu-
| ance OF said advertisement, make and present to
the State Commissioner Of the Sinking Fund, as
| aforesaid. the following proposition, towit:
| ITO the Honorable Commissioners OF the Sink
| "GENrLEMEN-I herewith propose to deliver
| to the Commissioners Of the Sinking Fund The
| outstanding Ohio six per cent. Canal Bonds, and
of the State, to be issued in accordance with the
| terms Of your advertisement; said bonds to bear
interest at the rate Of three per cent per an.
sas for each XII Roy Donas sne state Oh
' '''0'' ALBERT METER"
And, Whereas, afterward, towit: On the
|
Fund Commissioners, at their office, ut Co UNI
bus, Ohio, duly accepted as the lowest and best
bid for said exchange Of bonds, in pursuance OF
said act Of the General Assembly OF Ohio, and Of
| the advertisement of said exchange Of bonds; and
| the contract for said exchange Of bonds was
| thereupon duly awarded to said Albert Meter.
| 1t Is, therefore, mutually agreed and under
| stood by and between the Commissioners of the
Sinking Fund, acting in behalf Of the State OF
Ohio, OF the first part, and Albert Meter, OF Gin
cinnati, Ohio, OF the second part, as follows, to-
| wit:
The SAID Albert Meter agrees and binds him
| self to deliver to the Commissioners Of the
Sinking Fund Of Ohio the outstanding Ohio six
| per cent. Canal Bonds, amounting in the aggre-
| gate to two million two hundred and forty
| December 81, 1885, and receive in exchange for
| the same the new bonds Of the State of Ohio, to
| be issued and payable as hereinbefore specified
| the said new bonds Of the State of Ohio to bear
date OF July 1, 1886, and bear interest at the
| rate OF three per cent. per annum, payable
semi.annnally, on the first days Of July and
| turty; and the said Meter further agrees to
pay to said Sinking Fund Commissioners a
hundreths dollars ssls5) for each one thousand
dollars $1,000 OF said new bonds to be issued
Us aforesaid.
It is further agreed by and between said party
| that the said two million two hundred and forty
thousand dollars on said bonds shall be deliv-
cred to said Sinking Fund Commission on or be-
fore the first day Of January, 1887, II practicable,
| but in case only part OF said two million two
hundred and forty thousand dollars OF bonds
that the ,1
possession or control Of the same on or before
the said first day Of January, 1887 then the said
mssioners OF the Sinking Fund OF Ohio, ut the
American Exchange National Bank, in the city
and State Of New York. the par value OF said
the new bonds OF the State of Ohio, as provided
and In accordance with the act of the General
AS Assembly Of Ohio, hersin6efore seierred to and
1t is further agreed that the said Albert Net
ter, as security for the full and faithful per
formance Of this contract shall, forthwith, de
posit with the Commissioners Of the Sinking
Fund Of Ohio, the sum Of fifty thousand dollars,
evidenced by the certificate OF deposit OF the
date March %, 1896, and numbered 140S, properly
assigned and made payable to said Commits
sioners Of the Sinking Fund, the same, how
ever upon completion Of this contract, to be re
turned to the said Meter or his assignees. In
the event. however, OF the said Meter failing
to comply with the said contract aforesaid,
said deposit to the extent that may be necessary
to fully indemnify the State for any loss it may
sustain on account Of fuch failure, to become
and remain absolutely the property of the State
of Ohio.
And the party of the first part hereby agrees
to and with the party OF the second part that
they will forthwith give notice to the holders OF
said outstanding Canal Bonds. by publication or
otherwise, that the State of Ohio will redeem on
the sist day Of December. 1885 all Of said out out
the interest on the same shall cease at the said
date.
| IL Is agreed Dy anu DetWeeu Sulu par
ties that whenever said Meter shall deliver any
of said outstanding six per cent. Canal Bonds to
the said Commissioners OF the Sinking Fund, he
shall be entitled to receive the full interest nj
six per cent. per annum thereon to the maturity
OF said bonds, to-wit, December 3lst, 1885
and he shall pay at said time to the said Com
missioners OF the Sinking Fund the interest al
three per cent. per annum. on the new bonds re
ceived in exchange up to and including the 3lst
day OF December, 1895.
In witness whereof, the said parties, the Com
missioners OF the Sinking Fund Of the State o.
Ohio. and the said Albert Netter, have hereuntC
Fund Commissioners in the city of Columbus
Ohio, on the 24th day Of March, 1885.
EMIL KIESEwErTER,
Auditor of State and President,
j. 8. ROBINSON, Secretary of State,
J. A. KoHLER, Attorney General
Commissioners OF the Sinking Fund
ALBERT METER.
| The foregoing contract is hereby this Gath day
OF March, 1885, approved. po,.vrv c,r.rno,
The State Auditors report shows that while
our State indebtedness is comparatively small
and being rapidly extingushed, yet the loca
Indebtedness of the State is large and rapidly
increasing. 1t has now reached the aggregate
of more than &53.0O0,00O. This growth should bt
checked. No county, township or municipa
corporation should be allowed to create
valuation OF its real estate 1t is recommended
that such n provision be enacted, and that 70,
provide that in all cases where there ma.
already be general indebtedness in excess o
that Limitation, no further debt be allowed t.
be contracted until the present debt is reduced
below the limitation mentioned
The statute enacted by you at your last ses
sion, providing for thestaxation and regulation
OF the liquor traftic commonly known as th
Dow Law, has not been generally enforce'
| pending decision by the Supreme Court as Il
its constitutionality. The Court has now, how
ever upheld the law, and Notwithstanding tn
| Lady cod hat hni nTn IN yav